Oil plunges hard: Brent falls below $100, WTI below $90 after Europe and IEA prepare to release crude

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Summary · why it matters

Global crude oil prices plunged sharply, with Brent crude falling below $100 a barrel and West Texas Intermediate, or WTI, dropping below $90 a barrel, after reports that Europe and member countries of the International Energy Agency, or IEA, are preparing to release oil into the market under pressure from the United States. As of 6:54 p.m. Thailand time, WTI crude for November delivery fell $3.49, or 3.76%, to $89.38 a barrel, while Brent crude for December delivery fell $2.45, or 2.39%, to $99.86 a barrel. Reuters reported, citing sources, that European Union member countries met today to discuss a French proposal to release diesel from emergency reserves, in response to US pressure for European nations to help slow the surge in fuel prices. The proposal calls for European countries to release 50 million barrels of diesel and for IEA member countries to release another 50 million barrels of crude. The United States, meanwhile, is asking major European nations, including France and Germany, to release 100 million barrels of diesel within a 20-day window. In a conference call today, EU member countries discussed setting a condition that if an agreement is reached on releasing diesel from European reserves, the United States must commit not to impose a unilateral ban on diesel exports. The IEA, which has 32 member countries, agreed in March to jointly release 400 million barrels of strategic reserves to counter the effects of the Iran war, the largest reserve release in history, and IEA Executive Director Fatih Birol said member countries have already released about two-thirds of the total agreed volume.

Impact on assets 3

Others▼ · 3 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

Planned coordinated reserve releases of crude and diesel by Europe and IEA members add supply, driving Brent below $100.

⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

Europe and IEA preparing to release 50M barrels of crude plus US-pushed diesel releases would boost global crude supply, pressuring WTI lower.

⛏Heating Oil Futures
HEATOIL
▼ NegativeSupplyrelevance

Proposed release of 50M barrels of diesel from European emergency reserves plus US-requested 100M barrels would increase distillate supply, weighing on heating oil.

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